Forging is the forming and shaping of metals using the process such as rolling, pressing or hammering. The process begins with starting stock, usually, a cast ingot which is heated to its plastic deformation temperature, and then "kneaded" between dies to the desired shape and size. Forging finds numerous applications including automotive, aerospace, defense, oil & gas, etc.
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The global steel forging market for automotive applications is primarily driven by increasing demand for passenger car across the worldwide is likely to boom the market size of steel forging in the coming years. Moreover, cost effective method of metal forming is projected to propel the market growth in the near future. However, availability of alternate metal forming processes is expected to be a restraining factor for the forging market in the near future. Furthermore, use of energy efficient and environment-friendly techniques in forging can offer new opportunities for the market growth during the upcoming years.
On the basis of product, the steel forging market for automotive application is segmented into bearing, crankshaft, axle, piston, connecting rods, steering knuckle, CV joint, gear, beam, and others. In 2016, gear was a dominating application segment of the global steel forging market for automotive application. It accounted for above 30.0% share of the entire steel forging consumption in 2016. Gear was followed by crankshaft in the same year. Moreover, crankshaft, axle, and bearings are the promising product segments of steel forging the market for the automotive application that is likely to exhibit significant growth during the years to come.
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On the basis of the vehicle, the steel forging industry is classified into the passenger car, light commercial vehicle, and heavy commercial vehicle. Growth in the automotive industry plays a crucial role in boosting the demand for steel forged products as it is the largest revenue contributor to the global forging market. The light commercial vehicle is expected to be the fastest-growing segment of the steel forging market within the forecast period. Growing demand for passenger car across the globe is also projected to boost the demand for steel forging in automotive sector over the next few years.
In terms of region, Asia-Pacific accounted for the largest share of the steel forging market for automotive application, contributing more than 42.0% of the total volume consumption in 2016. It is estimated to grow at a strong CAGR within the forecast period. Demand for infrastructural growth in developing countries and emergence of India as a manufacturing hub for the automotive industry is expected to propel the growth of the market in this region.
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Key players in this market are GKN plc, EL Forge Limited (EFL), American Axle & Manufacturing Holdings, Precision Castparts, Ellwood Group, ATI Ladish Forging, FRISA, NTN Corporation, HHI Forging, Scot Forge, Sumitomo, Kisaan Steels, Happy Forgings Limited and Bharat Forge Limited.
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